Gold prices today … the dollar limits the gains of the...

Gold prices today … the dollar limits the gains of the...
Gold prices today … the dollar limits the gains of the...
Gold prices rose in trading Thursday, after US President Donald renewed hopes for a stimulus package linked to the Corona virus before the next November 3 elections, but the rise of the dollar limited the metal’s gains.

Spot gold rose 0.3% to 1,906.15 dollars an ounce by 17:46 GMT.

US gold futures rose 0.1% to settle at $ 1,908.90 an ounce.

As for the other precious metals, silver fell 0.4% to $ 24.19 an ounce.

While platinum rose 0.5% to $ 860.92, and palladium rose 0.2% to $ 2349.04.

Trump Show

Trump said he would agree to making more than $ 1.8 trillion available for the White House stimulus linked to the coronavirus to strike a deal.

The dollar held on to its gains against rival currencies, supported by statements by US Treasury Secretary Stephen Mnuchin on Wednesday in which he said that the stimulus agreement will be difficult to reach before the elections.

Also supporting the rise in gold was an unexpected increase in weekly jobless claims in the US last week.

Rise probabilities

“Gold will rise as soon as the details of the potential stimulus package become available, but it may not happen for a while,” said Cameron Alexander, director of precious metals research at Refinitiv Metal Research.

Alexander added that the dollar is still considered a safe haven and is keeping gold prices low and causing it to still test the $ 1900 level.

Gold, which is seen as a hedge in the face of inflation and a depressed currency, has risen 25% since the start of the year in light of unprecedented levels of global stimulus to cushion the impact of the economic blow from the pandemic.

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